Codes Combine Co. Ltd (047770) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Codes Combine Co. Ltd KRW 1,462, price KRW 3,785, upside -61.4%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 1,180 KRW – 5,470 KRW · fair‑value band 1,255 KRW – 1,751 KRW · the 3,785 KRW price screens above the 1,462 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Codes Combine Co., Ltd. manufactures and sells fashion clothing products. It also operates stores. The company was formerly known as Yeshin PJ Co., Ltd. Codes Combine Co., Ltd. was founded in 1995 and is headquartered in Seoul, South Korea.
Stock analysis
Codes Combine Co. Ltd (047770) currently trades at 3,785 KRW, while our model-based Fair Value estimate is 1,462 KRW, implying the stock looks roughly 158.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 1,937 KRW per share, and 0 of the 22 models we run sit above the 3,785 KRW price.
Bear case: the Earnings-Based group reads lowest at 860.19 KRW, and 22 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: 1,255 KRW (bear) to 1,751 KRW (bull), the price of 3,785 KRW sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Codes Combine Co. Ltd reported revenue of 39.7B KRW in FY2025 versus 38.3B KRW in FY2021, a compound +0.9%/yr. Reported net income was 4.4B KRW in FY2025, compounding −9.7%/yr from FY2021.
Key figures
Market cap 143B KRW (≈ $105M) · P/S ratio 2.56 · Net margin 11.1% · Return on equity 392% · Return on assets (EBIT) 3.6% · Operating margin 11.5% · Revenue (TTM) 38.3B KRW · Revenue growth (YoY) +13.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 101% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −16% fair-value upside, at −61%, 047770 screens richer than that median.
Fair Value models
Bear 1,255 KRWFair Value 1,462 KRWBull 1,751 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+0.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.4%
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What shareholders gained per year (last 5 years), in KRW ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−7.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8% vs 12%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 6%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+24.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +22.0% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Textiles & Apparel” was too small, so the broader sector is used.)Consumer Discretionary · 3913 stocks
Beats the sector median on 8/9 measures
Overall it ranks above its sector peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−61% · Bottom 25%
Profitability
Return on equity (TTM)392% · Top 25%
Return on assets3% · Above median
Net margin (TTM)22% · Top 25%
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth14% · Top 25%
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Consumer Discretionary median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)69· sector 13
PAST (return on equity)100· sector 22
HEALTH (low debt)97· sector 95
DIVIDEND (yield)0· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Codes Combine Co. Ltd (047770) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,462 KRW versus a price of 3,785 KRW, about −61% upside (overvalued).
What is the fair value of 047770?
Our model-based fair value for Codes Combine Co. Ltd is 1,462 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 3,785 KRW.
What is the quality score of 047770?
Codes Combine Co. Ltd has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Codes Combine Co. Ltd (047770)?
Our model-based price target is the fair value of 1,462 KRW (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 1,255 KRW, optimistic scenario 1,751 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Codes Combine Co. Ltd stock forecast for 2026?
Our models put fair value at 1,462 KRW, about −61% upside versus a price of 3,785 KRW (overvalued). Cautious scenario 1,255 KRW, optimistic scenario 1,751 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Codes Combine Co. Ltd (047770)?
Codes Combine Co. Ltd reported trailing-twelve-month revenue of about 38.3B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Codes Combine Co. Ltd (047770)?
For today's price to be fair in a discounted-cash-flow model, Codes Combine Co. Ltd would have to grow free cash flow by +24.6 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 047770 use?
Our models discount Codes Combine Co. Ltd at 13.3 %: a base by market capitalisation (micro), damped by beta 1.04, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Codes Combine Co. Ltd that is +24.6 % per year a year over ten years, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Codes Combine Co. Ltd (047770) delivered so far?
Over the past 5 years revenue at Codes Combine Co. Ltd grew +4.1 % a year. The price currently implies +24.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Codes Combine Co. Ltd (047770) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Codes Combine Co. Ltd (+24.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Codes Combine Co. Ltd (047770)?
The free-cash-flow yield on the price is 3.10 %: that much free cash flow Codes Combine Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Codes Combine Co. Ltd (047770)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Codes Combine Co. Ltd it is 1,462 KRW per share (as of Sep 24, 2026), against a price of 3,785 KRW. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Codes Combine Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 047770 trades above its calculated fair value: price 3,785 KRW, fair value 1,462 KRW, a gap of about −61% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 047770?
No. The price is what the market pays today (3,785 KRW); the fair value is what the company's own numbers justify (1,462 KRW). For Codes Combine Co. Ltd the two are 2,323 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Codes Combine Co. Ltd worth?
The market values Codes Combine Co. Ltd at about 143B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 3,785 KRW; our models calculate a fair value of 1,462 KRW per share.
What do the bullish and bearish scenarios say about 047770?
Our models span a range for Codes Combine Co. Ltd: cautious scenario 1,255 KRW, base 1,462 KRW, optimistic 1,751 KRW per share (as of Sep 24, 2026, price 3,785 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Codes Combine Co. Ltd (047770)?
Balance-sheet figures for Codes Combine Co. Ltd (as of Sep 24, 2026): return on equity 392.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 047770 from its 52-week high?
Codes Combine Co. Ltd trades at 3,785 KRW, about 31% below its 52-week high of 5,470 KRW and 101% above the low of 1,881 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,462 KRW is for.
Which stocks are comparable to Codes Combine Co. Ltd?
From the same area (Consumer Cyclical) we also value GAMSUNG Corporation, STO Co, Gold Pacific Co, HYUNGJI INNOVATION & CREATIVE Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Codes Combine Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 3,785 KRW, calculated fair value 1,462 KRW (−61%), Quality Score 67/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 047770 calculated?
We run Codes Combine Co. Ltd through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1,462 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Codes Combine Co. Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Codes Combine Co. Ltd (047770)?
The closing price on Sep 23, 2026 was 3,785 KRW. Our model-based fair value is 1,462 KRW, about −61% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Codes Combine Co. Ltd right now?
The price sits above even our optimistic bull case (1,751 KRW). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Codes Combine Co. Ltd
How large is the market capitalisation of Codes Combine Co. Ltd (047770)?
The market capitalisation of Codes Combine Co. Ltd is 143B KRW (≈ $105M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Codes Combine Co. Ltd (047770)?
The price-to-sales ratio of Codes Combine Co. Ltd is 2.56 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Codes Combine Co. Ltd (047770)?
The net margin of Codes Combine Co. Ltd is 11.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Codes Combine Co. Ltd (047770)?
The return on equity (ROE) of Codes Combine Co. Ltd is 392% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Codes Combine Co. Ltd (047770)?
On an EBIT basis the return on assets of Codes Combine Co. Ltd is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Codes Combine Co. Ltd (047770)?
The operating margin of Codes Combine Co. Ltd is 11.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Codes Combine Co. Ltd (047770)?
Revenue at Codes Combine Co. Ltd is growing +13.7% versus a year earlier (3y avg +0.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Codes Combine Co. Ltd (047770)?
Earnings per share at Codes Combine Co. Ltd are growing −57.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Codes Combine Co. Ltd (047770) carry?
The net debt of Codes Combine Co. Ltd is 865M KRW (fiscal year 2024, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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